SMM Nickel Market Morning Review (2014-10-29)

SHANGHAI, Oct. 29 (SMM) – LME nickel prices overnight opened at USD 14,731/mt, then maintained an upward track during, and closing at USD 15,610/mt, up 6.19%, the largest daily gains over the past few years. But LME nickel inventories grew 642 to 378,900 mt. Trading volumes increased 1,926 to 5,815 lots, and total positions were up 1,137 to 209,300 lots.

Investors should be wary of selling at high prices on the LME, and spot nickel prices in Shanghai will rise to  RMB 103,000-105,000/mt.